The Icosa Cat Bond Fund, the catastrophe bond fund strategy distributed by Icosa Investments, continued to grow in recent weeks and has now reached a new milestone of $500 million in assets under management (AUM).
Icosa Investments was launched and founded in Switzerland as a specialist catastrophe bond investment manager by former Twelve Capital executive Florian Steiger and Swiss financial services and capital markets specialist Jordan Nickerson.
The company only opened its business and launched its first catastrophe bond fund at the beginning of 2024.
The Icosa Investment Umbrella Fund – CAT Bond Fund, a Liechtenstein based UCITS strategy, was launched with an initial seed funding of around $15 million.
Benefiting from a period of strong demand for catastrophe bond investments, the Icosa cat bond fund strategy has been one of the fastest growers in 2025 so far.
In fact, the strategy increased its assets under management by more than 33% just in the first-quarter of 2025, the fastest growing of the UCITS cat bond fund strategies during that period reaching around $425 million in assets.
Growth of the cat bond fund has continued, with the Icosa Cat Bond Fund now surpassing $500 million in AUM.
Icosa Investments CEO Florian Steiger said today, “Thrilled to share that Icosa has reached this important milestone. None of this would be possible without the trust of our investors, the support of our partners, and the dedication of our amazing team. You’ve all played a key role in turning a bold idea into a growing success.”
From zero to $500 million in assets under management in less than 18 months is particularly strong growth for a start-up in the catastrophe bond fund investment management space.
New fund managers, investors and new capital have been needed in the catastrophe bond space this year, with record levels of issuance required to be absorbed.
While the market is set to slow for the hurricane season, as is to be expected, there will no doubt be strong demand from investors for the asset class later this year and if the pipeline maintains its record-setting pace, then cat bond fund managers such as Icosa are likely to find opportunities to raise their AUM further.
Icosa Investments AG is listed in our directory of insurance-linked securities (ILS) fund managers.
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